Tetra Tech Wins $60 Million USACE Dam Safety and Risk Management Contract

Rhea-AI Summary

Tetra Tech (NASDAQ: TTEK) announced a five-year contract awarded by the U.S. Army Corps of Engineers (USACE) for risk assessment and management of dams and levee systems across the U.S. The Tetra Tech-led joint venture will conduct site studies, engineering evaluations, and hydrologic analyses to ensure safety and structural integrity. CEO Dan Batrack emphasized the need for these services due to climate change impacts, highlighting Tetra Tech's commitment to reducing flood risks and enhancing public safety through their science-driven approach.

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• Awarded a $X billion, five-year contract by USACE for dam and levee risk management, enhancing long-term revenue stream.

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• None.

Tetra Tech, Inc. (NASDAQ: TTEK), a leading provider of high-end consulting and engineering services, announced today that the U.S. Army Corps of Engineers (USACE) awarded a Tetra Tech-led joint venture a five-year, multiple-award contract to assess and manage risks for dams and levee systems throughout the United States.

Tetra Tech engineers will perform site characterization studies, engineering evaluations, and hydrologic analyses related to the safety of dams and levee systems. Our team will use advanced analytics to assess structural integrity and develop risk-based management approaches for dam and levee safety nationwide.

“Increased impacts from climate change have placed the nation’s dam and levee systems under additional stress from extreme weather events and rising sea levels in coastal areas,” said Dan Batrack, Tetra Tech Chairman and CEO. “Tetra Tech looks forward to continuing to use our Leading with Science^® approach to support the USACE in reducing flood risks and maintaining public safety.”

About Tetra Tech

Tetra Tech is a leading provider of high-end consulting and engineering services for projects worldwide. With 20,000 associates working together, Tetra Tech provides clear solutions to complex problems in water, environment, sustainable infrastructure, and renewable energy. We are Leading with Science^® to provide sustainable and resilient solutions for our clients. For more information about Tetra Tech, please visit tetratech.com or follow us on LinkedIn, Twitter, and Facebook.

Any statements made in this release that are not based on historical fact are forward-looking statements. Any forward-looking statements made in this release represent management’s best judgment as to what may occur in the future. However, Tetra Tech’s actual outcome and results are not guaranteed and are subject to certain risks, uncertainties and assumptions ("Future Factors"), and may differ materially from what is expressed. For a description of Future Factors that could cause actual results to differ materially from such forward-looking statements, see the discussion under the section "Risk Factors" included in the Company’s Form 10-K and Form 10-Q filings with the Securities and Exchange Commission.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210217005101/en/

FAQ

What contract was awarded to Tetra Tech on February 17, 2021?

Tetra Tech was awarded a five-year contract by the U.S. Army Corps of Engineers to assess and manage risks for dams and levee systems.

How will Tetra Tech support USACE with dam safety?

Tetra Tech will perform site characterization studies, engineering evaluations, and hydrologic analyses to ensure the safety of dams and levee systems.

What is the significance of the contract for Tetra Tech's investors?

The contract indicates a long-term revenue opportunity, positioning Tetra Tech as a key player in addressing climate-related risks.

Who leads the joint venture awarded the contract?

The joint venture is led by Tetra Tech, which is responsible for managing the contract awarded by USACE.